Cement News tagged under: divestment
CRH completes US distribution operation divestment03 January 2018, Published under Cement NewsCRH plc reached an agreement to divest its Americas Distribution business for a total cash consideration of US$2.63bn on 24 August 2017, and the company has announced today that this transaction is now complete. The company said the price achieved from the sale of its US distribution operation to Beacon Roofing Supply represents 16 times earnings before interest, tax, depreciation and amortisation. A note by Dublin-based brokers Davy said in August that CRH’s disposal of its US distributio... |
Italy's Antitrust Authority approves Cementir Italia sale20 November 2017, Published under Cement NewsThe Italian Antitrust Authority (AGCM) has approved the sale of Cementir Italia and its subsidiaries Cementir Sacci SpA and Betontir SpA to Italcementi. Following the closing of the transaction, which is expected in the first days of January 2018, Italcementi will be required to adopt certain structural remedies, including the divestiture of some plants and behavioural measures. Italcementi will select the facilities to be divested among those identified by AGCM, which has established pre... |
HeidelbergCement reduces Georgia investment13 November 2017, Published under Cement NewsHeidelbergCement is raising EUR115m (US$134m) by selling 50 per cent of its Georgian subsidiary to a Georgian investment fund called Cement Invest, which belongs to Georgian Co-Investment Fund and Hunnewell Partners, a special situations investment fund. HeidelbergCement has been active in Georgia since 2006 and a new kiln line is currently under construction that is expected be completed by the end of 2018. Currently, there are three integrated cement works, one grinding centre, 13 ready... |
Quantum Global exits Savannah Cement20 October 2017, Published under Cement NewsFollowing the receipt of regulatory approvals, Quantum Global Group has completed the sale of its stake in Savannah Cement. "We are delighted to have partnered with Savannah Cement in one of the critical industry sectors in East Africa, advancing together to aim to close the existing infrastructure gap in Africa. The exit from this investment is testament to the success of our approach of deploying capital in transformative sectors of key importance in Africa at the right time,’" said Qua... |
Votorantim10 October 2017, Published under Cement NewsThe Votorantim Cimentos has announced its intention to sell its 50 per cent interest in the northen Florida cement company, Suwannee American Cement LLC. The joint owner of Suwannee American Cement is the privately-held construction company Anderson Columbia. |
Cemex sells remaining direct GCC interest28 September 2017, Published under Cement NewsCemex annnounced it has sold 31,483,332 shares of common stock (the "Shares") of Grupo Cementos de Chihuahua, SAB de CV (GCC), which represents approximately 9.47 per cent of the equity capital of GCC. Proceeds from the sale were around US$168m, which will be used mainly for debt reduction and general corporate purposes. Cemex continues to have an approximate 20 per cent indirect interest in GCC through CAMCEM, SA de CV, an entity that owns a majority interest in GCC and in which Cemex ha... |
Votorantim Cimentos to sell stake in Suwannee American28 September 2017, Published under Cement NewsBrazil-based Votorantim Cimentos is to sell its 50 per cent stake in Suwannee American Cement (SAC), located in northern Florida, USA. The sale is part of Votorantim’s strategy of prioritising assets and reducing its debt. SAC supplies cement to the construction markets of Florida and southern Georgia from its 1Mta Branford plant. Although the plant was in the path of Hurricane Irma, it has remained largely unaffected, according to information obtained by ICR. Thanks to precautions ta... |
Votorantim11 September 2017, Published under Cement NewsVotorantim generated a 1H17 turnover four per cent lower at BRL12,757m (EUR3434m), with domestic deliveries declining by 13.6 per cent. EBITDA amounted to BRL1654m (EUR445m), a 29.6 per cent reduction. The group trading profit declined by 58.7 per cent to BRL458m and after a financial charge 29.9 per cent lower at BRL726m and minor items, the pretax profit came down by 67.2 per cent to BRL229m. The net attributable profit dropped 98.30 per cent to BRL10m. Votorantim Cimentos contributed 4... |
Dangote Cement30 August 2017, Published under Cement NewsAliko Dangote has sold a 2.3 per cent stake in Dangote Cement to foreign buyers in a deal worth NGN86.1bn (US$236m), according to Reuters. The company has been selling off small stakes to try and meet its free float requirement for the Nigerian Stock Exchange (NSE). When it joined the NSE in 2010, it was given 18 months to reach a 20 per cent free float level, but this latest transaction only takes it to 10.4 per cent. In 2013 it sold 1.5 per cent to Public Investment Corporation, followed b... |
Argos sells stake in port company16 August 2017, Published under Cement NewsGrupo Argos has sold its 50 per cent stake in a port operator to an investment fund managed by Goldman Sachs for about US$136m, Grupo Argos said in a statement on Monday. Compania de Puertos Asociados SA, called Compas, moves principally coal and cement through its ports in the Andean country. Argos' stake was sold to West Street Infrastructure Partners III, which is run by Goldman Sachs, for COP407bn. The sale price is two and a half times what Grupo Argos invested in the business in... |